New York City-based Stonepeak, which calls itself a leading alternative investment firm specializing in infrastructure and real assets, announced Nov. 4 that it bought nine logistics properties totaling 1.8 million square feet in Jacksonville.
The news release did not provide details about the purchase price or the structures purchased, but state corporate records show that Stonepeak formed LLCs that appear to be acquiring properties at 10301 and 10490 Busch Drive; Broadway Avenue; Canada Drive; West Fifth Street; Zoo Parkway; and Gun Club Road.
The Prudential Insurance Co. of America issued a $120 million mortgage to one of the LLCs, SP Jacksonville Faye Road LLC, but the mortgage document was not posted as of 5 p.m. Nov. 7.
That document might provide the real estate numbers for all of the assets being financed.
The mortgage was executed Nov. 1, as was the deed for the $39.442 million purchase of an almost 365,000-square-foot warehouse built in 2001 on 27.53 acres at 2855 Faye Road.
Through SP Jacksonville Faye Road Owner LLC, Stonepeak bought the property from Link Logistics Real Estate LLC of Fort Washington, Pennsylvania.
Link sold the building through BREIT SE Logistics Faye Road LLC. Link Logistics was established by Blackstone in 2019. It bought the property for almost $24.9 million in 2017.
Stonepeak says it has about $70 billion of assets under management.
“We believe that high-quality real estate adjacent to transport infrastructure will continue to outperform given its mission-critical role in local and national supply chains,” said Phill Solomond, Stonepeak senior managing director and head of real estate, in the Nov. 4 release.
Simpson Thacher & Bartlett LLP served as legal counsel and Jones Lang LaSalle served as financial adviser to Stonepeak.
The release said the assets are near JaxPort, which is investing more than $1 billion over the next five years to improve access and use.
It said Jacksonville’s transportation infrastructure is further supported by a rail network anchored by CSX, Norfolk Southern and Florida East Coast Railway.
The release said Stonepeak recently acquired a 1.1 million-square-foot logistics portfolio in the Alliance submarket of Dallas-Fort Worth, Texas.
Earlier this year, Stonepeak bought a 1.7 million square foot logistics portfolio adjacent to the BNSF and Union Pacific intermodal terminals in Chicago.